<SEC-DOCUMENT>0001292814-17-002644.txt : 20171030
<SEC-HEADER>0001292814-17-002644.hdr.sgml : 20171030
<ACCEPTANCE-DATETIME>20171030073540
ACCESSION NUMBER:		0001292814-17-002644
CONFORMED SUBMISSION TYPE:	6-K/A
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20170630
FILED AS OF DATE:		20171030
DATE AS OF CHANGE:		20171030

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		171160678

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K/A
<SEQUENCE>1
<FILENAME>sidpr2q16_6ka.htm
<DESCRIPTION>2Q16 EARNINGS RELEASE
<TEXT>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Washington, D.C. 20549 </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>FORM 6-K/A </B></FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Report of Foreign Private Issuer<BR>Pursuant to Rule 13a-16 or 15d-16 of the</FONT></DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Securities Exchange Act of 1934</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of October, 2017</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>COMPANHIA SIDER&#218;RGICA NACIONAL </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Exact name of registrant as specified in its charter) </FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center></DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>National Steel Company </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Translation of Registrant's name into English)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>Av. Brigadeiro Faria Lima 3400, 20&#186; andar<BR>S&#227;o Paulo, SP, Brazil<BR>04538-132 </B></FONT></DIV>

<DIV align=center><FONT color=#000000 size=2 face="Times New Roman">(Address of principal executive office)</FONT></DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports<BR>under cover Form 20-F or Form 40-F.&nbsp;</FONT> Form 20-F ___X___ Form 40-F _______

<P>&nbsp;<FONT size=3 face="Times New Roman, Times, Serif">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. </FONT>&nbsp;</P>Yes _______ No ___X____ </DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>S&#227;o Paulo, October 2<FONT style="FONT-SIZE: 12pt" face=Calibri>7</FONT>, 2017</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#002060 face=calibri,sans-serif>2Q16 Earnings Release </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Companhia Sider&#250;rgica Nacional (CSN) (BM&amp;FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the second quarter of 2016 (2Q16), which are presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. All comments presented herein refer to the Company&#8217;s 2Q16 consolidated results and comparisons refer to the first quarter of 2016 (1Q16) and the second quarter of 2015 (2Q15), unless otherwise stated. The Real/U.S. Dollar exchange rate was R$3.2092 on June 30, 2016 and R$3.5583 on March 31, 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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<TR style="HEIGHT: 13.5pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="38%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Highlights</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.5pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.05pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%">&nbsp;</TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Steel Sales (thousand t)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,261</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,246</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,253</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1%</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(1%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>60%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>52%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>53%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(7%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- Overseas Subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>38%</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>42%</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>40%</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3%)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2%</FONT></P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- Exports</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2%</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5%</FONT></P></TD></TR>

<TR style="HEIGHT: 8.05pt">

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">&nbsp;</TD>

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 8.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Iron Ore Sales (thousand t)<SUP>1</SUP></FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,987</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8,295</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9,267</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>12%</FONT></B></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>55%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 14.35pt">

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1%</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13%</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7%</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(5%)</FONT></P></TD>

   <TD style="HEIGHT: 14.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.05pt">

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- Exports</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>99%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>87%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>93%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 6.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5%</FONT></P></TD>

   <TD style="HEIGHT: 6.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(6%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Consolidated Results (R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net Revenue </FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,687</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,008</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,185</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>COGS</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,847)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,082)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,263)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>15%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross Profit</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>840</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>926</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>922</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>10%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>SG&amp;A Expenses</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(421)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(611)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(498)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(18%)</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>18%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA<SUP>2</SUP></FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>801</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>733</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>855</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>17%</FONT></P></TD>

   <TD style="HEIGHT: 13.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7%</FONT></P></TD></TR>

<TR style="HEIGHT: 4.65pt">

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">&nbsp;</TD>

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 4.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.65pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="5%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted Net Debt<SUP>3</SUP></FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>20,769</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>26,654</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>25,873</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3%)</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>25%</FONT></P></TD></TR>

<TR style="HEIGHT: 9.25pt">

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted Cash Position</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11,102</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,472</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,678</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">&nbsp;</TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(12%)</FONT></P></TD>

   <TD style="HEIGHT: 9.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(49%)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.5pt">

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net Debt / Adjusted EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5.6x</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8.7x</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8.3x</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;(0.4x)</FONT></P></TD>

   <TD style="HEIGHT: 15.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2.7x&nbsp;</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></SUP>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>1</FONT></SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif> Iron ore sales volumes include 100% of the stake in NAMISA until November 2015 and 100% of the stake in Congonhas Min&#233;rios as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#178; Adjusted EBITDA is calculated based on net income/loss, before depreciation and amortization, income taxes, the net financial result, results from investees, and other operating income (expenses) and includes the proportional share of the EBITDA of the jointly-owned investees MRS Log&#237;stica and CBSI, as well as the Company&#8217;s 60% interest in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and stakes of 100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#179; Adjusted Net Debt and Adjusted Cash and Cash Equivalents included 33.27% of the stake in MRS, 60% of the interest in Namisa and 50% of the stake in CBSI until November 2015. As of December 2015, they included 100% of Congonhas Min&#233;rios, 32.27% of MRS and 50% of CBSI, excluding Forfaiting and drawee risk operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 width="100%" border=0>



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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Closing Market Indicators on</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=white face=calibri,sans-serif> June 30, 2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>BM&amp;FBovespa (CSNA3): R$7.82/share</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Market Cap: R$10.850 billion (US$4.429 billion)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>NYSE (SID): US$2.45/ADR (1 ADR = 1 share)</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Total no. of shares</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>= 1,387,524,047</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

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   <P style="MARGIN: 5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Total no. of shares</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>= 1,387,524,047</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>CSN&#8217;s Consolidated Results</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$4,185 million in 2Q16, 4% up on 1Q16 and 14% more than in the same period last year. In relation to the previous quarter, the upturn was primarily due to increased sales volume in the mining segment and higher steel prices. Concerning 2Q15, the improvement was also due to the increase in mining sales volume. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$3,263 million, 6% up on the previous three months and 15% more than in 2Q15, chiefly due to higher iron ore output and increased costs as a result of the blast furnace #3 stoppage. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>gross profit </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>came to R$922 million, in line with 1Q16, with a gross margin of 22%, 1p.p. down on the first quarter. In relation to 2Q15, gross profit climbed by 10% and the gross margin narrowed by 1p.p., from 23% to 21%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Selling, general and administrative expenses</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif> totaled </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>R$498 million, 18% less than in 1Q16, but 18% higher year-on-year. These variations were largely due to distribution costs, which were 11% lower than in 1Q16, but 32% more than in the same quarter last year. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>Other operating income (expenses)</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>was a net expense of R$171 million in 2Q16, 35% up on the quarter before, due to the payment of provisioned taxes, and 23% down on 2Q15. &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Working capital </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>came to R$2,867 million, R$525 million less than in 1Q16, while the financial cycle closed the second quarter at 82 days, 19 days less than in the previous quarter.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted net debt</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> fell by 3% over 2Q16, totaling R$25,873 million, while leverage ended the quarter at 8.3x, versus 8.7x in the previous three months.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=red face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>The proportional net financial result</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>was negative by </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>R$220 million in 2Q16, due to: i) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>financial expenses (excluding the exchange variation) of</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> R$848 million; ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>the positive exchange variation result of </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>R$478 million. The result was parcially offset by the financial revenue of R$150 million. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Financial Result (R$ million)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Financial Result - IFRS</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(897)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>- </FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 32pt"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(+) MRS </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(22)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(25)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(24)</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 16.05pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(=) Proporcional Financial Result</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(886)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #d9d9d9; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(922)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(220)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 32.15pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Financial Revenues</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>58 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>252 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>150 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 32.15pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Financial Expenses</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(944)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(1,173)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(370)</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 40.15pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Financial Expenses (ex-exchange rates variation)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(830)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(844)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(848)</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 48.2pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Result with Exchange Rate Variation</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(114)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(329)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>478 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 56pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Monetary and Exchange Rate Variation</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>82 </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>950 </FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,220 </FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 56pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Hedge Accounting</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(82)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(566)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(595)</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 56pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Notional Amount of Derivatives Contracted</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(114)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(713)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(146)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0in 35.4pt; LINE-HEIGHT: 115%"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>CSN&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>equity result</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> was a positive R$18 million in 2Q16, versus a positive R$45 million in 1Q16 and a negative R$44 million in 2Q15, chiefly due to MRS&#8217;s equity result, which fell from R$61 million, in 1Q16, to R$32 million, as shown below:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;<FONT style="FONT-SIZE: 12pt; FONT-FAMILY: calibri">2</FONT></FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="POSITION: relative"></FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR>&nbsp;</FONT></FONT> </DIV></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Share of profits (losses) of investees (R$ million)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Namisa</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(49)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></FONT></P></TD>

   <TD style="HEIGHT: 8.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 6.15pt">

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>MRS Log&#237;stica</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>24 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>61 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>32 </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 7.15pt">

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>CBSI</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1 </FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>TLSA</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(7)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(7)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(4)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.15pt">

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Arvedi Metalfer BR</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Eliminations</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(9)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(11)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(10)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="64%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Share of profits (losses) of investees</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(44)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>45 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>18 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>CSN recorded a second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net profit </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>of R$46 million,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>versus net losses of R$777 million and R$615 million in 1Q16 and 2Q15, respectively. The improvement was primarily due to the recovery of the financial result, which was negative by R$197 million in 2Q16, versus R$897 million negative in 1Q16 and R$772 million negative in 2Q15.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 10.1pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Adjusted EBITDA (R$ million)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 10.1pt; BORDER-RIGHT: white 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="32%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 17.05pt">

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 17.05pt; BORDER-RIGHT: white 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.85pt">

   <TD style="HEIGHT: 7.85pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Profit (loss) for the Period</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(615)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(777)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>46</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(97%)</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 7.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(96%)</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 5.75pt">

   <TD style="HEIGHT: 5.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Depreciation</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>279</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>310</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>304</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(2%)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>9%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 3.95pt">

   <TD style="HEIGHT: 3.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Income Tax and Social Contribution</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(5)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>114</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>28</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(25%)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 3.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>-</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.1pt">

   <TD style="HEIGHT: 10.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Finance Income</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>772</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>897</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>197</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(78%)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.1pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(74%)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.4pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>EBITDA (ICVM 527)</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>431</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>544</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>576</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>6%</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>34%</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 4.6pt">

   <TD style="HEIGHT: 4.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 4.6pt">

   <TD style="HEIGHT: 4.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Other Operating Income (Expenses)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>223</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>127</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>171</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>35%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(23%)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 5.9pt">

   <TD style="HEIGHT: 5.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="39%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Share of Profit (Loss) of Investees</FONT></FONT></P></TD>

   <TD style="HEIGHT: 5.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>44</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(45)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(18)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=#000000 face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>(59%)</FONT></FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Proportionate EBITDA of Joint Ventures</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>855</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>17%</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7%</FONT></B></FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif>&#185; The Company discloses adjusted EBITDA excluding interests in investments and other operating revenue (expenses) in the belief that these items should not be considered when calculating recurring operating cash flow.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$855 million in 2Q16, 17% up on the quarter before and 7% more than in 2Q15, accompanied by an adjusted EBITDA margin of 19.4%, 1.1p.p. higher than in 1Q16, but 1.5p.p. down on 2Q15. </FONT></P>

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<IMG alt="Adjusted EBITDA (R$ million) and Adjusted EBITDA Margin (%)" src="x17101922044600.gif" width=480 align=left height=34></P>

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<IMG id=Imagem21 src="x17101922044600.jpg" width=478 height=153>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Debt</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The adjusted amounts of EBITDA, Debt and Cash included the stakes of 60% in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and the stakes of 100% in Congonhas Min&#233;rios, 37.27% in MRS and 50% in CBSI as of December 2015, as well as financial investments used as collateral for exchange operations on the BM&amp;FBovespa. On June 30, </FONT>


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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2016, consolidated net debt totaled R$25,873 million, while the net debt/EBITDA ratio stood at 8.28x, based on LTM adjusted EBITDA.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>In 2Q16, CSN began reviewing its FX hedge strategy, which led the company to completely unwind it FX derivatives position. As a result, the FX exposure of our consolidated balance sheet on June 30, 2016 was US$1,791 million, as shown in the table below. It is important to mention that the net FX exposure includes a liability totaling US$1.0 billion in the Loans and Financing line related to the Perpetual Bonds, which, due to its nature, will not require disbursements for the settlement of the principal amount in the foreseeable future. The company&#8217;s hedge strategy began to focus on preserving its cash flow, replacing the exposure generated by the settlement of the derivatives for new Hedge Accounting designations, capturing the existing natural relations, as well as possibly using other financial instruments to protect CSN's future cash flow.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>The hedge accounting adopted by CSN correlates the projected export inflows in dollars with part of the scheduled debt payments in the same currency. Therefore, the exchange variation of the dollar-denominated debt is temporarily booked in shareholders&#8217; equity, flowing through P&amp;L when revenues in USD from exports occur.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>IFRS</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>03/31/2016</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>06/30/2016</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cash and cash equivalents overseas</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,288</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>802</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Accounts Receivables</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>315</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>307</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>10</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Assets</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,610</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,119</FONT></B></P></TD></TR>

<TR style="HEIGHT: 9.15pt">

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Borrowings and Financing</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(4,466)</FONT></P></TD>

   <TD style="HEIGHT: 9.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(4,437)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Accounts Payable</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(6)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Other Liabilities</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(7)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Liabilities</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(4,479)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(4,450)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(2,870)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(3,332)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 9.4pt">

   <TD style="HEIGHT: 9.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Notional Amount of Derivatives Contracted, Net</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,435</FONT></P></TD>

   <TD style="HEIGHT: 9.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cash Flow Hedge Accounting</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,549</FONT></P></TD>

   <TD style="HEIGHT: 4pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,541</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Net Foreign Exchange Exposure</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>114</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(1,791)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Perpetual Bonds</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,000</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,000</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Net Foreign Exchange Exposure ex. Perpetual Bonds</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,114</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(791)</FONT></B></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Capex</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>CSN invested R$473 million in 2Q16, led by:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Investments in the new clinker kiln in Arcos-MG, which will start its operation in the 2H16, allowing the cement segment to generate competitive margins and scale gains in the Southeast region due to self-sufficiency in clinker production;</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Projects designed to improve the operational and environmental performance of the Presidente Vargas Plant. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Investment (R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Steel</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>162</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>119</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>136</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Mining</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>296</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>62</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>61</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cement</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>92</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>139</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>261</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Logistics</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="55%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Others</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3</FONT></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Investment IFRS </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>563 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>330 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>473 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Working Capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>As a result, working capital applied to the Company&#8217;s business totaled R$2,867 million in 2Q16, R$525 million less than in 1Q16, chiefly due to the R$481 million reduction in inventories. On a same comparison basis, the average receivable period fell by 5 days, while payment periods and inventory turnover fell by 9 and 23 days, respectively.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Working Capital (R$ million)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 7.25pt">

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Assets</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,698</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,664</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,948</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(716)</FONT></B></P></TD>

   <TD style="HEIGHT: 7.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(750)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 3pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.15pt">

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Accounts Receivable</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,936</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,746</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,622</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(123)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(314)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.2pt">

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Inventories Turnover</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,583</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,621</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,140</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(481)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.2pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(443)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #ffffff 1px solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Advances to Taxes</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>178</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>298</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>186</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(112)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #ffffff 1px solid; PADDING-RIGHT: 3.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,445</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,272</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,081</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(191)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(364)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 3.5pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 4pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 9.05pt">

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Suppliers</FONT></FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,807</FONT></FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,542</FONT></FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,347</FONT></FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(195)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 9.05pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(460)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 6.15pt">

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Salaries and Social Contribution</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>322</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>245</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>262</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>17</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(60)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 10.6pt">

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Taxes Payable</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>286</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>418</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>422</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>136</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 6.45pt">

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #ffffff 1px solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Advances from Clients</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>30</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>67</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(17)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.45pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>20</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: #ffffff 1px solid; PADDING-RIGHT: 3.5pt" width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Working Capital</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,253</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,392</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,867</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(525)</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(386)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Turnover Ratio (days)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="36%" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.75pt">

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 4pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Receivables</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>38</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>36</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>31</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(5)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(7)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Supplier Payment</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>54</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>48</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>39</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(9)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(15)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Investory Turnover</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>110</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>113</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>90</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=right><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(23)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(20)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 14.1pt">

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=top width="31%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cash Conversion Cycle</FONT></B></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>94</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>101</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>82</FONT></P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(19)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.1pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(12)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Results by Segment </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The Company maintains integrated operations in five business segments: steel, mining, logistics, cement and energy, The main assets and/or companies comprising each segment are presented below: </FONT></P>

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<IMG border=0 src="fp06a.gif"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Notes: For the purpose of preparing and presenting the information by business segment, Management opted to maintain the proportional consolidation of its jointly-owned subsidiaries, as historically presented, For the reconciliation of CSN&#8217;s consolidated results, these companies&#8217; results are eliminated in the "corporate/elimination expenses" column.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&nbsp;In order to report the Company&#8217;s 2015 results, after the combination of CSN&#8217;s mining assets (Casa de Pedra, Namisa and Tecar), the consolidated result includes all this new company&#8217;s information.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Net revenue per Segment &#8211; 2Q16 (R$ million) </FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>6</FONT></FONT></FONT></P></DIV></TD></TR></TABLE></DIV><FONT style="POSITION: relative"></FONT><FONT style="DISPLAY: none"><FONT lang=PT-BR>&nbsp;</FONT></FONT> </DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Results </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16 </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Steel</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Mining</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Logistics (Port)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Logistics (Railways</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Cement</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Energy</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Corporate/ Eliminations</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>Consolidated</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(R$ m</FONT></B><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>illion</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>) </FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net Revenue</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,878</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,016</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(266)</FONT></B></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,185</FONT></B></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,607</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>77</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>45</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>337</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>109</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>66</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(451)</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,790</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%; TEXT-INDENT: 8pt"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Foreign Market</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,271</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>939</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>185</FONT></FONT></P></TD>

   <TD style="HEIGHT: 7.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,395</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 11.65pt">

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cost of Goods Sold</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,459)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(743)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(34)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(227)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(102)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(48)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>350</FONT></FONT></P></TD>

   <TD style="HEIGHT: 11.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,263)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 6.15pt">

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross Profit</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>419</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>273</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>111</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>18</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>84</FONT></B></FONT></P></TD>

   <TD style="HEIGHT: 6.15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>922</FONT></B></FONT></P></TD></TR>

<TR style="HEIGHT: 15.85pt">

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Selling, General and Administrative Expenses</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(214)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(13)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(27)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(17)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(6)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(219)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(498)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Depreciation</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>164</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>105</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>56</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>17</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(47)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>304</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 6.65pt">

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Proportional EBITDA of Jointly Controlled Companies</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>126</FONT></FONT></P></TD>

   <TD style="HEIGHT: 6.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>126</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.95pt">

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 15.95pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>369</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>365</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>141</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>16</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(55)</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>855</FONT></B></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 6.6pt">

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Results 1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Steel </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Mining </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Logistics (Port) </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Logistics (Railways) </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Energy </FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top rowSpan=2 width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Corporate/ Eliminations</FONT></B></P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 6.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Consolidated </FONT></B></P></TD></TR>

<TR style="HEIGHT: 16.35pt">

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(R$ million) </FONT></B></P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 16.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net Revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,809</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>941</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>303</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>114</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>68</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(279)</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,008</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Domestic Market</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,500</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>151</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>303</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>68</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(475)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,712</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Foreign Market</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,309</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>790</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>196.7</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,296</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cost of Goods Sold</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,300)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(749)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(36)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(214)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(101)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(51)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>370</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,082)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross Profit</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>509</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>192</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>89</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>17</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>91</FONT></B></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>926</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.2pt">

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Selling, General and Administrative Expenses</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(255)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(24)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(24)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(18)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(6)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(276)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(611)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>166</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>114</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>56</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>13</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(47)</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>310</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Proportional EBITDA of Jointly Controlled Companies</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

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   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>107</FONT></P></TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 12.2pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>107</FONT></P></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 12.2pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="22%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>420</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>283</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>121</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>15</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(124)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.2pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>733</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="HEIGHT: 41px; WIDTH: 56px; POSITION: absolute; MARGIN-LEFT: 440px; LEFT: 0px; MARGIN-TOP: 72px">
<IMG src="x17101922044613.gif" width=56 height=41></FONT><FONT style="HEIGHT: 48px; WIDTH: 23px; POSITION: absolute; MARGIN-LEFT: 612px; LEFT: 0px; MARGIN-TOP: 94px">
<IMG src="x17101922044614.gif" width=23 height=48></FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Steel</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to preliminary figures from the World Steel Association (WSA), global crude steel production totaled</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="trebuchet ms,sans-serif"> </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>795 million tonnes in the first half, 2% down on the same period last year</FONT><FONT style="HEIGHT: 45px; WIDTH: 23px; POSITION: absolute; MARGIN-LEFT: 748px; LEFT: 0px; MARGIN-TOP: 19px">
<IMG src="x17101922044615.gif" width=23 height=45></FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Brazilian Steel Institute &#8211; IABr (also preliminary figures), domestic production came to 7.4 million tonnes in 2Q16, in line with the previous three months, giving a first-half total of 14.9 million tonnes, 13% down year-on-year, Domestic production of rolled products stood at 5.1 million tonnes in the second quarter, also in line with 1Q16, and 10.2 million tonnes in the first six months, 14.7% less than in 1H15, Apparent consumption through June </FONT>


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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled 9.0 million tonnes, 23.7% less than in 1H15, with domestic sales of 8.2 million tonnes, down by 15.5%, In the same period, imports dropped by 64.2% to 741,300 tonnes, while exports climbed by 16.6% to 6.7 million tonnes.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to INDA (the Brazilian Steel Distributors&#8217; Association), 2Q16 steel purchases and sales by distributors fell by 11.3% and 7.7% over 2Q15 to 1,503,000 and 1,559,000 tonnes, respectively, Inventories closed the quarter at 866,000 tonnes, 1.4% down on the previous month, representing 3.3 months of sales.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Automotive</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to ANFAVEA (the Auto Manufacturers&#8217; Association), vehicle production totaled 1 million units in the first half, 21% down on 1H15, In the same period, new car, light commercial vehicle, truck and bus licensing fell by 25% to 983,000 units, The association estimates a reduction in vehicle sales of up to 19% in 2016 over 2015, to 2.1 million units, while FENABRAVE (the Vehicle Distributors&#8217; Association) expects a 15% reduction in vehicle sales.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Construction </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to SECOVI-SP (the S&#227;o Paulo Residential Builders&#8217; Association), residential real estate launches in the city of S&#227;o Paulo totaled 5,731 units in the 1H16, 42.8% down on the 10,027 units launched in the same period last year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to ABRAMAT (the Construction Material Manufacturers&#8217; Association), first-half sales of building materials fell by 14.3% over 1H15, The association also revised its 2016 estimate a decline of 8%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Home Appliances</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Brazilian Institute of Geography and Statistics (IBGE), home appliance production in the first five months fell by 11% over the same period last year and by 17% in the last 12 months, respectively, reflecting the low level of business and consumer confidence.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Steel Operations</FONT></P></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Total steel product sales volume</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 1,253,000 tonnes in 2Q16, 7% up on 1Q16, Of this total, 53% went to the domestic market, 40% were sold by our subsidiaries abroad and 7% went to exports. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#ff0000 face=calibri,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>domestic steel sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled 669,000 tonnes, 3% up on 1Q16, 626,000 tonnes of which flat steel and 43,000 tonnes long steel.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>foreign sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> amounted to 584,000 tonnes, 2% down on 1Q16. Of this total, the overseas subsidiaries sold 499,000 tonnes, 178,000 of which by LLC, 219,000 by SWT and 103,000 by Lusosider, while direct exports came to 85,000 tonnes.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>8</FONT></FONT></FONT></P></DIV></TD></TR></TABLE>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, CSN increased its </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>share of coated products</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> as a percentage of total sales volume, in line with its strategy of adding more value to the product mix. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Total sales </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>of coated products such as galvanized items and tin plate accounted for 87% of flat steel sales, versus <FONT style="FONT-SIZE: 10pt" face=Calibri>58</FONT>% in the previous quarter. In the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>foreign market</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, the share of coated products moved up from <FONT style="FONT-SIZE: 10pt" face=Calibri>77</FONT>% to <FONT style="FONT-SIZE: 10pt" face=Calibri>85</FONT>% in the same period. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=#ff0000 face=calibri,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$2,878 million in 2Q16, 2% up on 1Q16, primarily due to the upturn in sales volume and higher prices in the domestic market. Average net revenue per tonne stood at R$2,224.</FONT></P></TD>

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; MARGIN: 0in 0in 0in 0.25in; PADDING-RIGHT: 0%; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$2,459 million in 2Q16, 7% more than in the previous three months, as a result of the reduction in fixed production cost dilution. </FONT></P>

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<P style="TEXT-ALIGN: justify; PADDING-LEFT: 0%; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt; PADDING-RIGHT: 0%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The parent company&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>production cost</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> reached R$1,085 million in 2Q16, 19% down on 1Q16, due to the reduction in period output, due to the maintenance of blast furnace #3.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><FONT size=2 face=Calibri></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 13pt; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Slab production costs</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> increased by 26%, from US$274/t, in 1Q16, to U$345/t. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; LINE-HEIGHT: 13pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$369 million in 2Q16, 12% down on the R$420 million recorded in the quarter before, accompanied by a 2p,p, reduction in the adjusted EBITDA margin from 15% to 13%.</FONT></P></TD>

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<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The parent company&#8217;s slab production totaled 500,000 tonnes in 2Q16, 40% and 55% down on 1Q16 and 2Q15, respectively, while flat rolled steel output came to 668,000 tonnes, 11% and 35% less than in 1Q16 and 2Q15, respectively. These results can be explained chiefly by the blast furnace #3 stoppage, which was inoperable by 22 days.</FONT></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Flat Steel Production (Parent Company)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(Thousand tonnes)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total Slabs (UPV + Third Parties)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,188</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>835</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>510</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(39%)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(57%)</FONT></P></TD></TR>

<TR style="HEIGHT: 10.75pt">

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Crude Steel Production</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,119</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>835</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>500</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(40%)</FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(55%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.75pt">

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Third Parties Slabs</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>69</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 13.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(85%)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.1pt">

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="34%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total Rolled Products</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,032</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>746</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>668</FONT></B></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(11%)</FONT></P></TD>

   <TD style="HEIGHT: 7.1pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="17%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(35%)</FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>9</FONT></FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Mining </FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, the seaborne iron ore market was influenced by the recovery in demand for steel in China. Policies to stimulate the economy ensured ample available credit, encouraging a recovery in the real estate market and construction activities; on the tax side, we noticed an increase in investments in infrastructure. In addition, low steel inventories throughout the production chain limited immediate delivery availability and positively pressured prices. In response to encouraged demand and fueled by the higher margins, steelmakers increased output by 9%, the highest quarter-on-quarter increase in more than three years. As a result, iron ore demand grew and the commodity&#8217;s price averaged US$55.66/dmt (Platts, Fe62%, N. China) in 2Q16, 15% up on 1Q16.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Maritime freight costs on Route CI-C3 (Tubar&#227;o-Qingdao) averaged US$8.43/t in 2Q16, 48% up on 1Q16. The route was positively impacted by a seasonal increase in transported volume by of capesize vessel and higher fuel prices.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Mining Operations</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=symbol></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>iron ore production </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled 8,537,000 tonnes, 17% and 26% up on 1Q16 and 2Q15, respectively. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Second-quarter </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>iron ore purchases</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 1,376,000 tonnes, 123% up on the previous quarter and 40% more than in 2Q15, as the Company took advantage of market opportunities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Iron ore sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 9,267,000 tonnes in 2Q16, 12% and 26% up on 1Q16 and 2Q15, respectively, thanks to sales volume to third parties. Around 695,000 tonnes from Congonhas Min&#233;rios were sold to CSN&#8217;s the Presidente Vargas Plant. </FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Production Volume and Mining Sales</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Varia&#231;&#227;o</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(thousand t)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q15</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Iron Ore Production&#185;</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,767</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,326</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,537</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>17%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>26%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Third Parties Purchase</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>993</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>617</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,376</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>123%</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>39%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Production + Purchase</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,760</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,943</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>9,913</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>25%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>28%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="6%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 3.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="6%">&nbsp;</TD></TR>

<TR style="HEIGHT: 5.35pt">

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>UPV Sale</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,380</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,047</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>695</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(34%)</FONT></P></TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 5.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(50%)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Third Parties Sales Volume</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>5,987</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,248</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,572</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>18%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>43%</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="35%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Sales</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,367</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,295</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>9,267</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>12%</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>26%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#185; Production and sales volumes include 100% of the stake in NAMISA until November 2015 and 100% of the interest in Congonhas in December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><SUP><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT></SUP>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>from mining operations totaled R$1,0 billion in 2Q16, 8% up on 1Q16 and 49% more than in 2Q15 1Q15. The upturns in both periods were due to higher total iron ore sales volume, which came to 9,267 thousand tonnes this quarter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Mining segment </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>COGS</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$743 million, in line to 1Q16 and 37% up on 2Q15, due to the higher volume of iron ore sold and higher purchases from third parties. In 2Q16, Congonhas Min&#233;rios recorded a Chinese delivery cost excluding depreciation of US$28.2/wmt, 10% down on the previous quarter, mainly due to a reduction in the mine&#8217;s production costs and in seaborne freight charges. </FONT></P>

<P style="MARGIN: 0in 0in 0in 35.4pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$365 million in 2Q16, 29% and 61% up on 1Q16 and 2Q15, respectively, with an adjusted EBITDA margin of 36%, 10 p.p. higher than 1T16, chiefly due to the increase in FOB export prices and reductions in production cost and seaborne freight. </FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#262626 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

   <DIV></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=#262626 face=calibri,sans-serif>Casa de Pedra Iron Ore Cost Excluding Depreciation</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#262626 face=calibri,sans-serif>(US$/wmt delivered to China)</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#262626 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#262626 face=calibri,sans-serif>
<IMG border=0 src="fp11a.gif"></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Logistics</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Logistics Operations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Railway Logistics</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>: In 2Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$337 million, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$141 million and an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 42%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 6pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Port Logistics</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>: In the second quarter, Sepetiba Tecon handled 32,000 containers, in addition to 197,000 tonnes of steel products and 1,000 tonnes of general cargo. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled R$45 million, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$11 million, accompanied by an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 24%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 2pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Sepetiba TECON Highlights</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="40%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Containers Volume (thousand units)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>30</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>39</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>32</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(19%)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4%</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 4.25pt">

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Steel Products Volume (thousand t)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>221</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>143</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>197</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>38%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 4.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(11%)</FONT></FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="24%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>General Cargo Volume (thousand t)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>44</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>13</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(95%)</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(99%)</FONT></FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 5pt; TEXT-DECORATION: none" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Cement</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the IBGE&#8217;s Monthly Industrial Survey (PIM-PF), Brazil&#8217;s cement production fell by 14.2% year-on-year in 2Q16, in line with the performance of the construction industry. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Preliminary figures from SNIC (the Cement Industry Association) indicate domestic cement sales of 28 million tonnes in the first half of 2016, 14% less than in the same period the year before. For 2016 as a whole, SNIC estimates respective annual declines of 12% to 15% in sales and 9% to 11% in apparent consumption.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results of CSN&#8217;s Cement Operations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>cement sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> amounted to 594,000 tonnes, 4% up on 1Q16, while </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to R$109 million. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$7 million, accompanied by an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>of 6%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement Highlights</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q15</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(thousand t)</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>1Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q16</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap align=center>

   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#ffffff face=calibri,sans-serif>2Q15</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Production</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>577</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>531</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>606</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>14%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>5%</FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%"><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total Sales</FONT></FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>579</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>571</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>594</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>4%</FONT></FONT></P></TD>

   <TD style="HEIGHT: 10.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 115%" align=center><FONT style="LINE-HEIGHT: 115%" color=black face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>3%</FONT></FONT></P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Energy</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Energy Research Company (EPE), Brazilian electricity consumption totaled 231 TWh in 1H16, 1.7% less than in the first six months of 2015. Consumption in the industrial and commercial segments fell by 5.3% and 1.5%, respectively, while residential consumption climbed by 1.2%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>Results from CSN&#8217;s Energy Operations</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 2Q16, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> from energy operations totaled R$66 million, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$16 million and the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> came to 25%. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Capital Market </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>CSN&#8217;s shares appreciated by 9% in 2Q16, while the Ibovespa increased by 1% in the same period. Daily traded volume on the BM&amp;FBovespa averaged R$88.9 million. On the New York Stock Exchange (NYSE), CSN&#8217;s American Depositary Receipts (ADRs) moved up by 24%, versus the Dow Jones&#8217; 1% appreciation. On the NYSE, daily traded volume of CSN&#8217;s ADRs averaged US$7.1 million.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2Q16</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Number of shares in thousand</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,387,524</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market Capitalization</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Closing price (R$/share)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7.82 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Closing price (US$/ADR)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2.45 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market Capitalization (R$ million)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>10,850 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market Capitalization (US$ million)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,399 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total return including dividends and interest on equity</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>CSNA3 </FONT></P></TD>

   <TD style="HEIGHT: 14.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>SID </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>24%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Ibovespa</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Dow Jones</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Volume</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (thousand shares)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9,602</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (R$ Thousand)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>88,913</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (thousand ADRs)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,635</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Average daily (US$ Thousand)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7,111</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Source: Bloomberg</FONT></I></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></I>&nbsp;</P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; COLOR: #ffffff" color=#ffffff face=calibri,sans-serif><STRONG><FONT style="FONT-SIZE: 10pt">Webcast &#8211; 2Q16 Earnings Release</FONT></STRONG></FONT></P></TD>

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   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif><FONT style="FONT-SIZE: 9pt; COLOR: #ffffff" color=#ffffff face=calibri,sans-serif><STRONG><FONT style="FONT-SIZE: 10pt">Investor Relations Team</FONT></STRONG></FONT></FONT></P></TD></TR>

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   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Conference Call in Portuguese with Simultaneous Translation into English</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>October 31, 2017 &#8211; Tuesday</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>12:30 p.m. (US EDT)</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>02:30 p.m. (Bras&#237;lia time)</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Phone: +1 (516) 300-1066</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Code: CSN</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Replay phone: +55 (11) 3127-4999</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Replay code: 42709759</FONT></B></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Conference ID: CSN</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Webcast: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>www.csn.com.br/ri</FONT></P>

   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;David Salama </FONT><B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>&#8211; </FONT></B><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>Executive Officer </FONT></P>

   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;Leo Shinohara (leonardo.shinohara@csn.com.br) </FONT></P>

   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;Jose Henrique Triques (jose.triques@csn.com.br) </FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>&nbsp;Carla Fernandes (carla.fernandes@csn.com.br)</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=PT-BR style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;Bruno Souza (bruno.souza@csn.com.br)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P align=justify><FONT size=2><FONT size=2>Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. These include future results that may be implied by historical results and the statements under &#8216;Outlook&#8217;. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, such as the general and conomic conditions in Brazil and other countries, interest rate and exchange rate levels, protectionist measures in the U,S,, Brazil and other countries, changes in laws and regulations and general competitive facto<FONT size=2 face=Calibri>.</FONT></FONT> </FONT></P></TD></TR></TABLE></FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>RESULTS</FONT></B></FONT></H1>

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   <TD width="100%" colSpan=4 align=center><B><FONT color=#333399 size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>INCOME STATEMENT</FONT></B></TD></TR>

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   <TD width="100%" colSpan=4 align=center><B><FONT color=#333399 size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>CONSOLIDATED &#8211; Corporate Law (In thousand of R$)</FONT></B></TD></TR>

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   <TD bgColor=#000080 width="55%" align=left>&nbsp;</TD>

   <TD style="TEXT-INDENT: 8.519pt" bgColor=#000080 width="15%" align=center><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="15%" align=center><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="15%" align=center><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Net Revenues</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>3,687,140</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>4,008,071</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>4,185,078</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Domestic Market</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,977,518</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,712,078</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,790,236</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Foreign Market</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,709,622</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>2,295,993</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>2,394,842</FONT>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Cost of Goods Sold (COGS)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(2,847,095)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(3,082,026)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(3,262,639)</FONT></B>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>COGS, excluding depreciation</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(2,574,062)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(2,778,115)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(2,964,136)</FONT>&nbsp;</TD></TR>

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   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Depreciation allocated to COGS</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(273,033)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(303,911)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(298,503)</FONT>&nbsp;</TD></TR>

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   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Gross Profit</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>840,045</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>926,045</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>922,439</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Gross Margin (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>23%</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>23%</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>22%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Selling Expenses</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(309,014)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(448,147)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(391,930)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>General and Administrative Expenses</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(106,580)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(156,460)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(100,734)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Depreciation allocated to SG&amp;A</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(5,647)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(5,925)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(5,749)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Other operation income (expense), net</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(223,016)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(126,560)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(171,181)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Share of profits (losses) of investees</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(43,822)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>44,979</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>18,428</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Operational Income before Financial Results</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>151,966</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>233,932</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>271,273</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Net Financial Results</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(771,695)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(896,939)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(197,019)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Income before social contribution and income taxes</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(619,729)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(663,007)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>74,254</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Income Tax and Social Contribution</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5,136</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(113,690)</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(28,131)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Profit/(Loss) for the period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(614,593)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(776,697)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>46,123</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=4>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=4 align=center><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>INCOME STATEMENT</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #ffffff" width="100%" colSpan=4 align=center><B><FONT color=#333399 size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>PARENT COMPANY &#8211; Corporate Law (In thousand of R$)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="55%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 8.519pt" bgColor=#000080 width="15%" align=center><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="15%" align=center><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#000080 width="15%" align=center><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Net Revenues</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2,870,847</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,977,640</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2,191,674</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Domestic Market</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,868,525</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,567,201</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,660,652</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Foreign Market</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1,002,322</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>410,439</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>531,022</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Cost of Goods Sold (COGS)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(2,267,849)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,638,396)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(1,906,666)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>COGS, excluding depreciation</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(2,053,576)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(1,506,928)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(1,770,966)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Depreciation allocated to COGS</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(214,273)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(131,468)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(135,700)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Gross Profit</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>602,998</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>339,244</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>285,008</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Gross Margin (%)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>21%</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>17%</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>13%</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Selling Expenses</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(146,352)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(166,823)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(135,798)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>General and Administrative Expenses</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(88,732)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(121,013)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(70,168)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Depreciation allocated to SG&amp;A</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(3,954)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(4,057)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(3,997)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Other operation income (expense), net</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(196,380)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(99,702)</FONT>&nbsp;</TD>

   <TD width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(85,197)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Share of profits (losses) of investees</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(325,073)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(465,361)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(341,408)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Operational Income before Financial Results</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(157,493)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(517,712)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(351,560)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Net Financial Results</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(555,237)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(267,878)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>380,363</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Income before social contribution and income taxes</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(712,730)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(785,590)</FONT></B>&nbsp;</TD>

   <TD width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>28,803</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.88pt" width="55%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Income Tax and Social Contribution</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>98,462</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>399</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>2,050</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="55%" align=left><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Profit/(Loss) for the period</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(614,268)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(785,191)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT color=#333399 size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>30,853</FONT></B>&nbsp;</TD></TR></TABLE>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>BALANCE SHEET</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>Company Corporate Law (In Thousand of R$)</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Consolidated</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="30%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Parent Company</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Restatement 31/12/2015</FONT></B></P></TD>

   <TD style="BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Restatement 06/30/2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Restatement 31/12/2015</FONT></B></P></TD>

   <TD style="BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Restatement 06/30/2016</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Current assets</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,430,691 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,925,609 </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,842,440 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,745,548 </FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,624,651 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,461,966 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,648,798 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,596,560 </FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Trade receivables</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,578,277 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,688,377 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,467,523 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,245,449 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Inventories</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,941,314 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,834,048 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,850,744 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,233,580 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Other current assets</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,286,449 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 941,218 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875,375 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669,959 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Non-current assets </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,908,718 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,220,078 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,727,929 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,777,644 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Long-term receivables</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,661,987 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,605,680 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,281,470 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,225,883 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Investments measured at amortized cost</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>3,998,239 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,400,294 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,517,369 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,246,875 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,826,226 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17,908,164 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,866,348 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9,245,398 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,422,266 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,305,940 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62,742 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59,488 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Total assets </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,339,409 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,145,687 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,570,369 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,523,192 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Current liabilities </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,082,199 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,181,108 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,272,372 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,533,932 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256,840 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261,743 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141,496 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142,050 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Suppliers</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,293,008 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,194,942 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 742,364 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748,094 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457,391 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397,148 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,814 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57,989 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,874,681 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,337,872 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,879,073 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,174,927 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,073,017 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865,285 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411,699 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325,240 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>127,262 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124,118 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91,926 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85,632 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Non-current liabilities </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,165,922 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,774,542 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34,334,488 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,950,159 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Borrowings and financing</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,407,834 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29,004,967 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31,109,017 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,903,434 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Deferred Income Tax and Social Contribution</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>1,072,033 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,103,443 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666,081 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663,581 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Other payables</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131,284 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137,032 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126,450 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88,404 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>711,472 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690,707 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564,372 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544,323 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Other provisions</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 843,299 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838,393 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,868,568 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,750,417 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Shareholders&#8217; equity </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,091,288 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,190,037 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,963,509 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,039,101 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Paid-in capital</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,540,000 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,540,000 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,540,000 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,540,000 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Capital reserves</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Earnings reserves</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Acumulated Losses</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>-367,214</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>-1,121,552</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (367,214)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,121,552)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Statutory reserve</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,790,693 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,620,623 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,790,693 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,620,623 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>Non-controlling interests</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,127,779 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,150,936 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="38%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>47,339,409 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43,145,687 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="2%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44,570,369 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40,523,192 </FONT></B></P></TD></TR>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>2Q16</FONT></B></FONT></H1>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>CASH FLOW STATEMENT</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="100%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>CONSOLIDATED - Corporate Law (In Thousand of R$)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Restatement 1Q16</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=arial,sans-serif>Restatement 2Q16</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Net cash generated by operating activities </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>(939,450)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208,504 </FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;(Net Losses) / Net income attributable to controlling shareholders </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>(785,191)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,853 </FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Loss for the period attributable to non-controlling interests </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>8,494 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15,270 </FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Charges on borrowings and financing </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>734,734 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724,161 </FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Depreciation, depletion and amortization </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321,944 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315,448 </FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Share of profits (losses) of investees </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>(44,979)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18,428)</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Deferred income tax and social contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>86,104 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,627 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Foreign exchange and monetary variations, net </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>(379,360)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (979,950)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Result from derivative financial instruments </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Write-off of permanent assets </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>12,966 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,022 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Buyback of debt securities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (146,214)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Fiscal, Social Security, Labor, Civil and Environmental Provisions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>26,997 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57,570)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Working Capital </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156,972 </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814,460 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Accounts Receivable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (219,640)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107,092 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Trade Receivables &#8211; Related Parties </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8,407)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (119)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Inventory </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443,691 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663,574 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Judicial Deposits </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,098 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20,526 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Suppliers </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59,340)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37,119)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Taxes and Contributions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30,878 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159,484 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Others </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34,308)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98,978)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Others Payments and Receipts </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (932,279)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (651,389)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Interest Expenses </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (932,279)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (651,389)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Cash Flow from Investment Activities </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>(919,927)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (367,577)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Investments/Advance for Future Capital Increase </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>(190,435)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Fixed Assets/Intangible </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (329,838)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (467,222)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Derivative transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (556,682)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (158,865)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Short-term investment, net of redeemed amount </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>(33,407)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448,945 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Cash Flow from Financing Companies </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>(438,466)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (232,973)</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Borrowings and financing raised, net of transaction costs </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>(26,770)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (180)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Borrowing Fortaiting/Drawee risk </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76,338 </FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,902 </FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Amortizations for Fortaiting/Drawee risk </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>(121,180)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (136,451)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Borrowing amortizations - principal </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (215,756)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91,639)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;Buyback of debt securities </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (151,098)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,605)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Foreign Exchange Variation on Cash and Cash Equivalents </FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>(55,143)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,021 </FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="70%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;Free Cash Flow </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,352,986)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (369,025)</FONT></B></P></TD></TR></TABLE><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

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   <TD width="12%"></TD></TR>

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   <TD width="100%" colSpan=6 align=center><B><FONT color=#333399 size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>SALES VOLUME CONSOLIDATED (thousand tonnes)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="24%" colSpan=2 align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 2Q15</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Flat Steel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>717</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>611</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>626</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>15</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(91</FONT></B><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Slabs</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Hot Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>267</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>220</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>225</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(42)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Cold Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>151</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>108</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>117</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(34)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Galvanized</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>205</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>197</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>203</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>6</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(1)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Tin Plates</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>85</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>81</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(4)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(13)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel UPV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>42</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>38</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>43</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>DOMESTIC MARKET</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>758</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>649</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>669</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>20</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(90)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 2Q15</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Flat Steel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>299</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>381</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>365</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(16</FONT></B><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>67</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Hot Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>59</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>59</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>29</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(30)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(29)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Cold Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>44</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>27</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>25</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(2)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(18)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Galvanized</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>165</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>265</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>259</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>94</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Tin Plates</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>52</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>22</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel (profiles)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>204</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>216</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>219</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>FOREIGN MARKET</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>503</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>597</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>584</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(13)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>81</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 2Q15</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Flat Steel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,015</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>992</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>991</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(1</FONT></B><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(24</FONT></B><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Slabs</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Hot Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>326</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>280</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>254</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(26)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(72)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Cold Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>195</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>135</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>143</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(52)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Galvanized</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>370</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>462</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>462</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>93</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Tin Plates</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>125</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>115</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>133</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>18</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel UPV</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>42</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>38</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>43</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel (profiles)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>204</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>216</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>219</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>14</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>TOTAL MARKET</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,261</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,246</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,253</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>7</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(9)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=6 align=center><B><FONT color=#333399 size=2 face=Calibri-Bold,Arial,Helvetica,sans-serif>SALES VOLUME PARENT COMPANY (thousand tonnes)</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="24%" colSpan=2 align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Change</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=left>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 2Q15</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Flat Steel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>812</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>709</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>696</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(13</FONT></B><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(116</FONT></B><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Slabs</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Hot Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>303</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>244</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>239</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(5)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(64)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Cold Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>175</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>129</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(47)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Galvanized</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>237</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>253</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>247</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(6)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>10</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Tin Plates</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>96</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>89</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>81</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(8)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(15)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel UPV</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>41</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>38</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>43</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>DOMESTIC MARKET</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>853</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>747</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>738</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(9)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(115)</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 2Q15</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Flat Steel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>250</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>186</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>252</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>66</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Hot Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>143</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>53</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>3</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(50)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(139)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Cold Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>21</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>125</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>125</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>103</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Galvanized</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>103</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>55</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(48)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Tin Plates</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>31</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>30</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(30)</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(31)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel (profiles)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>-</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>FOREIGN MARKET</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>250</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>186</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>252</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>66</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2</FONT></B>&nbsp;</TD></TR>

<TR>

   <TD width="100%" colSpan=6>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#000080 width="40%" align=left>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q15</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1Q16</FONT></B>&nbsp;</TD>

   <TD bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 1Q16</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#000080 width="12%" align=right><B><FONT color=#ffffff size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>2Q16 x 2Q15</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Flat Steel</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,062</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>895</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>948</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>53</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(114</FONT></B><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>)</FONT></B>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Slabs</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>0</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(0)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Hot Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>446</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>297</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>308</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>11</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(138)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Cold Rolled</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>197</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>124</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>132</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>8</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>(65)</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Galvanized</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>291</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>356</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>371</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>15</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>80</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 3pt" width="40%" align=left><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>Tin Plates</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>127</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>119</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>136</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>17</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>9</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel UPV</FONT></B>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>41</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>38</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>43</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>5</FONT>&nbsp;</TD>

   <TD width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>1</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>Long Steel (profiles)</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><FONT size=1 face=Calibri,Arial,Helvetica,sans-serif>-</FONT>&nbsp;</TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>TOTAL MARKET</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>1,103</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>933</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>990</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>57</FONT></B>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif>(113)</FONT></B>&nbsp;</TD></TR></TABLE></DIV>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>For further information, please visit our corporate website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif><FONT lang=EN-US style="FONT-SIZE: 8pt" face=arial,sans-serif>&nbsp;<FONT style="FONT-SIZE: 8pt" face=Arial>16</FONT></FONT></FONT></P></DIV></TD></TR></TABLE></DIV>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;October 30, 2017</FONT></DIV>

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<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 border=0>



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   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

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<P>&nbsp;</P>

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<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 align=center border=0>



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   <DIV align=left>&nbsp;</DIV></TD></TR>

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   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;David Moise Salama </FONT></DIV>

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</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV>&nbsp;</DIV>

<DIV><FONT size=1></FONT>&nbsp;</DIV>

<P></P>

<P>&nbsp;</P>

<P></P>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P></P>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

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